Mayer, along with Yahoo cofounder David Filo and four other members of the board, will step down after the deal closes, Yahoo said.

Verizon is acquiring Yahoo’s operating business under the proposed transaction, while Yahoo’s remaining business, which consists primarily of its stake in the Chinese e-commerce giant Alibaba and its partnership in Yahoo Japan, will continue to exist as a separate company.

The board resignations announced Monday refer to the remaining investment company that is not going to Verizon, and that will be renamed Altaba, the company said.

Mayer’s resignation from the new board is “not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” the filing says.

The new Altaba board will consist of five members, including activist hedge fund manager Jeff Smith.